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Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Ilya Spivak, Head Strategist, APAC

Talking Points:

  • US Dollar Digesting Losses After Biggest Drop in a Year
  • S&P 500 Selloff Stalls Following Spike to 6-Month Low
  • Gold Capped at Resistance, Crude Oil Hints at Bounce

Can’t access the Dow Jones FXCM US Dollar Index? Try the USD basket on Mirror Trader. **

US DOLLAR TECHNICAL ANALYSIS – Prices arein digestion mode after turning lower as expected following the appearance of a bearish Dark Cloud Cover candlestick pattern. A daily close below falling channel support at 10905 exposesthe 38.2% Fibonacci retracementat 10845. Alternatively, a turn above support-turned-resistance at 10984 clears the way for a test of the 11058-76 area marked by the channel top and the October 15 high.

Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Daily Chart - Created Using FXCM Marketscope 2.0

** The Dow Jones FXCM US Dollar Index and the Mirror Trader USD basket are not the same product.

S&P 500 TECHNICAL ANALYSIS – Prices await their next lead after tapping a six-month low. A daily close below the 38.2% Fibonacci expansion at 1840.10 exposes the 50% level at 1822.20. Alternatively, a reversal above the 23.6% Fib at 1862.40 aims for the 14.6% expansion at 1876.10, followed by the October 14 high at 1898.40.

Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD TECHNICAL ANALYSIS – Prices advanced as expected after putting in a bullish Piercing Line candlestick pattern. A break above the 38.2% Fibonacci retracement at 1244.88 on a daily closing basis exposes the 50% level at 1264.01. Alternatively, a turn below the 23.6% Fib at 1221.20 targets the 14.6% retracement at 1206.61.

Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL TECHNICAL ANALYSIS – Prices put in a Bullish Engulfing candlestick pattern, hinting a bounce may be ahead. A break above the 14.6% Fibonacci retracement at 87.67 exposes channel floor support-turned-resistance at 89.14. Near-term support is at 82.88, the October 15 low.

Crude Oil Chart Setup Hints at Rebound, SPX 500 Liquidation Stalls

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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